4 Biggest Wins for Buying a Home this Fall
Some of the biggest wins that we are seeing in the housing market this Fall is framing up to be an ideal time to buy a house for those who are ready to make a purchase. Here are 5 of the biggest wins for homebuyers this season:
1. Homebuyer Needs Are Changing
With the stay-at-home orders in full effect earlier this year, you likely had more time than ever to get familiar with your current home space. If so, you’re not alone. There are endless reasons why people are moving this year. In Prince Georges County, features like home offices, gyms, and more indoor and outdoor space are much more desirable. Some people have children at home who need space for virtual learning. Some people have adult parents that live with them and need a larger layout.
2. Low Mortgage Rates
Continued low rates have set buyers up for significant long-term savings, and they’re making homes more affordable than they have in years. Essentially, it’s less expensive to borrow money today, so even as home prices rise, low rates are offsetting the long-term costs associated with a mortgage. This is a huge saving to capitalize on right now while rates are low.
3. Buying is More Affordable Than Renting
When paying a mortgage, as opposed to paying rent, that money is reinvested back in your favor as a homeowner. So, instead of contributing to your landlord’s savings, you’re contributing to your family’s own net worth. This is called equity and it is one of the biggest financial benefits of owning a home. Do you know that renting a home in Bowie, MD is higher than owning that same home? It’s because interest rates are so low it’s more affordable to own.
4. Home Appreciation
According to leading experts, home prices are forecasted to continue to appreciate. Knowing that home values are rising should help you feel confident that buying a home this Fall is a strong long-term investment for you and your family.
Now that you know the 4 biggest wins for buying a home this Fall, what are you going to do?
With historically low-interest rates, you may want to consider buying a home. Let us work with you and come up with a plan to access your changing needs and set you up for a successful homebuying experience.